Electric Vehicles EVs Market Report 2024 (Global Edition)

Global Electric Vehicles EVs Market Report 2024 Market Size Split by Components (Battery Cells & Packs, On-Board Charge, Motor, Reducer, Fuel Stack, Power Control Unit, Battery Management System, Fuel...

Electric Vehicles EVs Market Report Description

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Electric Vehicles EVs Market Insights Video

Competitive Landscape of the Electric Vehicles (EV) Market

The competitive landscape of the Electric Vehicles (EV) market is characterized by a broad range of players competing to gain market share through product innovation, strategic partnerships, and aggressive marketing efforts. Major players in the market account for a considerable share of the market and are concentrating on expanding their customer base across the world.

In March 2023, Moscow inscribed a contract with KAMAZ for 1,000 electric buses. There are also methods to buy another 200 electric buses from GAZ Group. Moscow nowadays runs 1,055 electric buses on 79 routes. Moscow is preparing to install nearly 200 ultra-fast charging stations for electric buses, extend a second electric bus park in the Mitino district northwest of Moscow, and establish 29 more electric bus routes. (Source: https://www.greencarcongress.com/2023/03/20230324-moscow.html#:~:text=24%20March%202023,over%20the%20next%202%20years.) In March 2022, Audi Middle East declared its partnership with the Museum of the Future in Dubai, United Arab Emirates. Via this collaboration, Audi Ag will convey its electrification and sustainability plans, which mirror the UAE's future-forward mission. (Source: https://www.zawya.com/en/press-release/companies-news/audi-middle-east-announces-exclusive-strategic-brand-partnership-with-museum-of-the-future-bj1hglbo)

Top Companies Market Share in Electric Vehicles EVs Industry: (In no particular order of Rank)

• BMW Group (Germany)
• Daimler AG (Germany)
• Toyota(Japan)
• Volkswagen (Germany)
• Renault Group (France)
• Ford Motor Company (U.S.)
• Mahindra & Mahindra (India)
• TATA Motors (India)
• Hyundai (South Korea)
• MG Motors (U.K.)
• Ola Electric (India)
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Electric Vehicles (EV) Market

Which Region Dominates the Electric Vehicles (EV) Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America emerges as the dominant region in the Electric Vehicles (EV) market due to increasing environmental concerns, government incentives promoting EV adoption, and advancements in battery technology. Moreover, growing public awareness of the benefits of EVs, such as decreased emissions and lower operating expenses, further fuels this expansion. With a burgeoning infrastructure of charging stations and a diverse range of EV models, North America is witnessing a transformative shift toward sustainable transportation.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the Electric Vehicles (EV) market due to the region's growing need for passenger cars in developing nations. China accounts for the most extensive share in terms of passenger cars and other cars. Government motivations and subsidies encourage customers to adopt electric vehicles, decreasing reliance on fossil fuels and combating climate change.

 

The current report Scope analyzes Electric Vehicles EVs Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Electric Vehicles EVs

According to Cognitive Market Research, the global Electric Vehicles (EV) market size was estimated at USD 389581.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 155832.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.2% from 2024 to 2031.

• In North America, the Electric Vehicles (EV) market exhibits due to technological advancements in battery technology and charging infrastructure are enhancing the feasibility and convenience of EV ownership.
• Moreover, the market is driven by a growing emphasis on sustainability; consumers are increasingly opting for EVs to decrease carbon emissions and dependence on fossil fuels.
• In conclusion, North America presents a lucrative market opportunity for Electric Vehicles (EV)s due to the existence of numerous significant manufacturers, & other necessary resources at a reasonable cost.
• According to Cognitive Market Research, the US had a major share in the Electric Vehicles (EV) market, with a market size of USD 122951.83 million in 2024. The market is projected to grow at a CAGR of 12.0% during the forecast period. The demand is amplified by the nation's increasing investment from automakers and a shifting societal attitude towards sustainability.
• The Canadian Electric Vehicles (EV) market had a market share of USD 18699.90 million in 2024 and is projected to grow at a CAGR of 13.0% during the forecast period. Introduction of innovative technology applications by Canadian companies.
• The Mexico Electric Vehicles (EV) market is projected to witness growth at a CAGR of 12.7% during the forecast period, with a market size of USD 14180.76 million in 2024.

Europe Electric Vehicles EVs

According to Cognitive Market Research, the global Electric Vehicles (EV) market size was estimated at USD 389581.2 Million, out of which Europe held the market of more than 30% of the global revenue with a market size of USD 116874.36 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.5% from 2024 to 2031.

• In Europe, stringent emissions regulations, government incentives, and increasing environmental consciousness among consumers. With EU targets for reducing carbon emissions, automakers are ramping up production of EVs to meet demand and comply with regulations.
• Segmentation analysis further highlights the rear wheel drive configurations as they offer superior handling and performance, enhancing the appeal of EVs to enthusiasts and drivers seeking a thrilling driving experience. As the EV market continues to evolve, RWD models are poised to play a significant role in shaping its future landscape.
• In conclusion, Europe represents a lucrative market for electric vehicle EV manufacturers, driven by the proliferating shift of the auto industry towards electrification.
• The United Kingdom's Electric Vehicles (EV) market had a market share of USD 19634.89 million in 2024 and is projected to grow at a CAGR of 13.3% during the forecast period. Electric vehicle EV sales in the UK are witnessing an upswing due to the nation's technological innovation and increasing consumer demand.
• The France Electric Vehicles (EV) market is projected to witness growth at a CAGR of 11.7% during the forecast period with a market size of USD 10752.44 million in 2024.
• According to Cognitive Market Research, the German Electric Vehicles (EV) market size was valued at USD 23141.12 million in 2024 and is projected to grow at a CAGR of 12.7% during the forecast period. In Germany, the electric vehicle EV sector surged due to the presence of prominent market players.
• The Italian Electric Vehicles (EV) market is projected to witness growth at a CAGR of 11.9% during the forecast period, with a market size of USD 10051.19 million in 2024.
• The Russia electric vehicle (EV) market is projected to grow at a CAGR of 11.5% during the forecast period, reaching USD 18115.53 million in 2024.
• The Spanish Electric Vehicles (EV) market is projected to witness growth at a CAGR of 11.6% during the forecast period, with a market size of USD 9583.70 million in 2024.
• The Luxembourg Electric Vehicles (EV) market is projected to witness growth at a CAGR of 12.6% during the forecast period, with a market size of USD 3623.11 million in 2024.
• The Portugal Electric Vehicles (EV) market is projected to witness growth at a CAGR of 12.3% during the forecast period, with a market size of USD 2454.36 million in 2024.
• The Greece Electric Vehicles (EV) market is projected to witness growth at a CAGR of 12.8% during the forecast period, with a market size of USD 1402.49 million in 2024.
• Rest of Europe's Electric Vehicles (EV) market is projected to witness growth at a CAGR of 11.2% during the forecast period, with a market size of USD 18115.53 million in 2024.

Asia Pacific Electric Vehicles EVs

According to Cognitive Market Research, the global Electric Vehicles (EV) market size was estimated at USD 389581.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 89603.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.0% from 2024 to 2031.

• In the Asia Pacific region, the Electric Vehicles (EV) market exhibits robust growth prospects driven by growing environmental awareness among consumers and the availability of charging infrastructure. This combination of regulatory push, consumer demand, and infrastructure development drives market expansion.
• Segmentation analysis reveals the expanding monitoring and optimizing battery performance, expanding safety, and extending battery life. As EV adoption increases, BMS innovation becomes pivotal for enhancing vehicle efficiency, range, and overall sustainability in the automotive industry.
• In conclusion, the Asia Pacific region presents immense expansion opportunities due to the rise in awareness of e-mobility.
• According to Cognitive Market Research, the China Electric Vehicles (EV) market size was valued at USD 40321.65 million in 2024 and is projected to grow at a CAGR of 15.5% during the forecast period. Electric vehicle EV sales surged in China due to the nation's technological advancements.
• The Japan Electric Vehicles (EV) market is projected to witness growth at a CAGR of 14.5% during the forecast period, with a market size of USD 12365.31 million in 2024.
• The Indian Electric Vehicles (EV) market had a market share of USD 10752.44 million in 2024 and is projected to grow at a CAGR of 17.8% during the forecast period. India's presence of emerging and leading firms.
• The South Korean Electric Vehicles (EV) market is projected to grow at a CAGR of 15.1% during the forecast period, reaching a market size of USD 8960.37 million in 2024.
• The Australia Electric Vehicles (EV) market is projected to witness growth at a CAGR of 15.7% during the forecast period with a market size of USD 4659.39 million in 2024.
• The South East Asia Electric Vehicles (EV) market is projected to witness growth at a CAGR of 17.0% during the forecast period, with a market size of USD 6182.65 million in 2024.
• The Rest of Asia Pacific Electric Vehicles (EV) market is projected to witness growth at a CAGR of 15.8% during the forecast period, with a market size of USD 6361.86 million in 2024.

South America Electric Vehicles EVs

According to Cognitive Market Research, the global Electric Vehicles (EV) market size was estimated at USD 389581.2 Million, out of which Latin America market of more than 5% of the global revenue with a market size of USD 19479.06 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.4% from 2024 to 2031.

• In Latin America, the Electric Vehicles (EV) market showcases promising growth prospects driven by the region's rising environmental consciousness among consumers, coupled with improving EV infrastructure, such as charging stations, which is also fueling market growth. As a result, Latin America is witnessing a gradual but promising shift towards sustainable transportation solutions.
• Segmentation analysis reveals that increasing electric vehicle adoption is bolstered by the expanding availability of charging infrastructure. This combination of factors is accelerating the shift towards electric mobility, reshaping the automotive industry.
• In conclusion, Latin America presents significant growth opportunities driven by the increasing need for passenger vehicles.
• According to Cognitive Market Research, the Brazil Electric Vehicles (EV) market size was valued at USD 8337.04 million in 2024 and is projected to grow at a CAGR of 14.0% during the forecast period. Electric vehicle EV sales flourish in Brazil due to the nation's ongoing research and development.
• The Argentina Electric Vehicles (EV) market had a market share of USD 3272.48 million in 2024 and is projected to grow at a CAGR of 14.3% during the forecast period. Argentina's government increasing incentives, including tax breaks and subsidies.
• The Colombia Electric Vehicles (EV) market is projected to witness growth at a CAGR of 13.2% during the forecast period, with a market size of USD 1733.64 million in 2024.
• The Peru Electric Vehicles (EV) market is projected to witness growth at a CAGR of 13.6% during the forecast period, with a market size of USD 1597.28 million in 2024.
• The Chile Electric Vehicles (EV) market is projected to witness growth at a CAGR of 13.7% during the forecast period, with a market size of USD 1402.49 million in 2024.
• The Rest of Latin America's Electric Vehicles (EV) market is projected to witness growth at a CAGR of 12.5% during the forecast period, with a market size of USD 3136.13 million in 2024.

Middle East and Africa Electric Vehicles EVs

According to Cognitive Market Research, the global Electric Vehicles (EV) market size was estimated at USD 389581.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 7791.62 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.7% from 2024 to 2031.

• The MEA Electric Vehicles (EV) market showcases promising growth prospects driven by the region's rising environmental concerns and a growing awareness of sustainable transportation are motivating individuals and businesses to embrace electric mobility solutions to bolster the EV market's growth across the MEA region.
• Segmentation analysis reveals increasing consumer awareness of climate change encourages the shift toward cleaner transportation options. Air compressors contribute to this market by supporting the production of EV components like tires and batteries, ensuring efficient manufacturing processes.
• In conclusion, MEA presents significant growth opportunities for the Electric Vehicles (EV) market due to technological advancements and advancements in battery technology.
• The GCC Countries' Electric Vehicles (EV) market is projected to witness growth at a CAGR of 14.5% during the forecast period, with a market size of USD 3334.82 million in 2024. Electric Vehicles (EV) sales flourish due to the region's increasing adoption of innovative and advancing technologies.
• The Egypt Electric Vehicles (EV) market is projected to witness growth at a CAGR of 14.0% during the forecast period, with a market size of USD 818.12 million in 2024.
• The South African Electric Vehicles (EV) market is projected to grow at a CAGR of 14.7% during the forecast period, reaching a market size of USD 1231.08 million in 2024. The region's technological advancements.
• The Turkey Electric Vehicles (EV) market is projected to witness growth at a CAGR of 13.2% during the forecast period, with a market size of USD 670.08 million in 2024.
• The Nigeria Electric Vehicles (EV) market is projected to witness growth at a CAGR of 12.8% during the forecast period, with a market size of USD 818.12 million in 2024.
• The Rest of MEA Electric Vehicles (EV) market is projected to witness growth at a CAGR of 12.7% during the forecast period, with a market size of USD 919.41 million in 2024.

Electric Vehicles EVs Market Analysis

Electric Vehicles (EV) Market Components Segment Analysis

According to Cognitive Market Research, battery cells & packs stand out as the dominating category due to major cost contributions and are a leading supplier for vehicle functioning. Also, the expense/value of these packs will reduce significantly in the upcoming years. Moreover, the prominent manufacturers are concentrated on developing traction batteries & high-voltage elements that support improved performance and reduce expenditure, which will drive the market expansion during the forecast period.

Motor emerged as the fastest-growing category in the Electric Vehicles (EV) market due to its adoption as an electric vehicle EV. Rising demand for electric vehicles (EVs) among major countries, along with technological advances by OEMs, will augment the market expansion.

• Battery Cells & Packs
• On-Board Charge
• Motor
• Reducer
• Fuel Stack
• Power Control Unit
• Battery Management System
• Fuel Processor
• Power Conditioner
• Air Compressor
• Humidifier

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Electric Vehicles EVs Industry. Request a Free Sample PDF!

Electric Vehicles (EV) Market End-User Segment Analysis

According to Cognitive Market Research, the private category held the major market share due to rising awareness of environmental concerns and advancements in technology, private companies are investing heavily in EV research, development, and infrastructure. Additionally, incentives such as tax credits and subsidies are encouraging private consumers to adopt EVs, further boosting market growth.

The fastest-growing category in the Electric Vehicles (EV) market is commercial fleets due to the Growing environmental consciousness, government incentives, advancing technology, and concerns over traditional fuel costs drive consumer demand. This shift indicates a transformative trend towards electrification, reshaping the automotive industry and fostering a cleaner, more sustainable transportation ecosystem.

• Private
• Commercial Fleets

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Electric Vehicles EVs Vehicle Type Segment Analysis

According to Cognitive Market Research, the dominating category is Electric Vehicles (EV)s for passenger vehicles due to rising sales in China, Norway, India, and Germany. The adoption rate of EVs in Asia Pacific has increased owing to the existence of EV manufacturers, original equipment manufacturers (OEMs), and other automakers in the region. These factors will assist in encouraging the growth of this segment during the forecast period.

The fastest-growing category in the Electric Vehicles (EV) market is commercial vehicles. Commercial vehicles are increasingly adopting EV technology due to lower operational costs, regulatory pressure for emissions reduction, and growing consumer demand for sustainable transportation solutions.

• Passenger Cars
• Commercial Vehicles

Electric Vehicles EVs Vehicle Class Segment Analysis

According to Cognitive Market Research, the dominating category is mid-priced. This vehicle class has specified features with inferior emphasis on features such as instrument cluster, infotainment, and other costly features. China is one of the markets with the highest prices for mid-priced elements. Established automotive manufacturers such as Hyundai, Honda, General Motors, and Nissan are also manufacturing mid-priced EVs to acquire higher market shares.

The fastest-growing category in the Electric Vehicles (EV) market is low-priced. Governmental incentives and a growing charging infrastructure are bolstering consumer confidence. The allure of low-priced EVs further catalyzes this shift, making sustainable transportation accessible to a broader demographic. As affordability meets eco-consciousness, the EV market surges forward, reshaping the automotive landscape.

• Low-priced
• Mid-priced
• Luxury

Electric Vehicles EVs Speed Segment Analysis

According to Cognitive Market Research, the dominating category is <125 MPH due to increasing environmental awareness, government incentives, and advancements in battery technology. The growing network of charging infrastructure is alleviating range anxiety. While EVs generally have top speeds below 125 MPH, their focus on sustainability and efficiency appeals to a broad spectrum of drivers, accelerating their adoption worldwide.

The fastest-growing category in the Electric Vehicles (EV) market is >125 MPH due to advancements in battery technology that have enabled EVs to achieve speeds exceeding 125 MPH, appealing to enthusiasts seeking both performance and eco-friendliness. This convergence of factors is propelling the EV market towards unprecedented growth and innovation.

• <125 MPH
• >125 MPH

Electric Vehicles EVs Vehicle Drive Type Segment Analysis

According to Cognitive Market Research, the dominating category is front wheel drive due to the cost efficiency of the automobile. Front-wheel drive systems are typically less costly to manufacture and sustain than rear-wheel drive or all-wheel drive systems. This makes front-wheel drive vehicles more reasonable for consumers, thus fueling the segment's growth.

The fastest-growing category in the Electric Vehicles (EV) market is all-wheel drive Consumers are drawn to EVs for their lower emissions, reduced operating costs, and smoother driving experience. All-wheel drive (AWD) systems, which distribute power to all four wheels, enhance traction and stability, making EVs suitable for various terrains and weather conditions.

• Front Wheel Drive
• Rear Wheel Drive
• All-Wheel Drive

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David Fuller

Senior Analyst at Cognitive Market Research

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I am working as a Senior Analyst with Cognitive Market Research in the areas of Industry Survey and Market Research/Analytics. I collaborate with CXOs, VPs, and other senior executives to understand their data needs and provide solutions and business strategy building.

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